Los Angeles County Employees Retirement Association, Pasadena, Calif., is scheduled to issue an RFI on its website Monday for subordinated real estate debt managers, John McClelland, principal investment officer, real estate, wrote in an e-mail response to questions.
The $33 billion system is launching the RFI because executives “want to confirm there are qualified managers available to execute a subordinated real estate debt mandate on a separate account basis,” Mr. McClelland wrote in the e-mail. The amount of the mandate or the number of managers to be hired has not yet been determined.
If the RFI results in viable proposals and bids, LACERA’s board is expected to select at least one manager in the first quarter of 2011.
Funding will come from LACERA’s fixed-income portfolio. The association currently has 8.8% of its entire portfolio invested in real estate, under its 10% target, he stated.
The RFI will be on the system’s website at http://www.lacera.com. Responses will be due by Oct 12.
